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DORMANT ACCOUNTS

EDM (Early Day Motion) 950A1: tabled on 08 May 2003

Tabled in the 2002-03 session.

This motion has been signed by 1 Member. It is an amendment to an existing motion.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Mr Martyn Jones on 25 March 2003. This is amendment number 1.

View details of the original motion

Suggested amendment

after 'Government', insert 'to oblige banks and building societies to make every effort to trace the rightful owners and subsequently.'.

Original motion text

That this House notes that an estimated and accumulated twenty billion pounds currently resides in dormant and intestate accounts in the United Kingdom; regrets the scandalous failure of banks and building societies to take serious, adequate and determined action to trace the rightful owners of dormant and intestate accounts; calls on the Government to introduce legislation akin to that in Ireland, by which money in such accounts that has remained dormant for 15 years or more, and where ownership cannot be determined, is transferred into an independent fund managed by a Government-appointed board of trustees to distribute to good causes; and requires such a board to retain adequate reserves in the fund to meet any claims from rightful owners.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

There are no withdrawn signatures for this amendment.